After some turmoil with a change of management, Cobourg’s Cannabis factory has now achieved a milestone: they can now sell their product. FSD Pharma Inc. announced today that its wholly-owned subsidiary FV Pharma Inc. has received its Sale for Medical Purposes licence to sell cannabis under the Cannabis Act (Canada). The licence went into effect on April 18, 2019. The licence allows the current FSD facility to supply and sell cannabis products. The company anticipates receiving the amended sales licence that will include the sale of dried and fresh cannabis flower in the near future. Dr. Raza Bokhari, Executive Co-Chairman and CEO said, “Our sales licence is a key development for FSD Pharma and a huge success and step forward for our Cobourg Facility.”
Dr. Sara May, President of FV Pharma Inc. commented that “We have achieved this milestone thanks to the efforts of our dedicated team. We are exceptionally proud of this achievement and look forward to accelerating our efforts.”
There’s no word on whether there will be sales on site at the old Certa building as was promised last year and it’s not clear whether that would even be legal. But it is clear that marijuana product sales are in two categories: medical and recreational. The facility in Cobourg is squarely in the medical category – no recreational sales would be made at the facility unless at some future time FSD Pharma expands their scope.
But they are planning big things and will likely become a significant employer in Cobourg. Their press release included a statement from Zeeshan Saeed, President and Founder:
The granting of our sales licence allows FSD to serve the growing medicinal use markets in Canada. We intend to quickly scale up production at our current facility, while continuing to build out the plant to add additional grow capacity. In addition, our sales licence opens the door for our partner Canntab Therapeutics to commence sales of its suite of novel cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and global markets. We expect that this will provide an immediate benefit to both parties, since FSD is entitled to a share of Canntab’s revenue from sales as a result of the collaboration and profit sharing agreement that we entered into this past fall.
- Press Release
- FSD Pharma Web site
- FSD Pharma announces restoration of Certo Building – 10 October 2018
- Cannabis Facility Update – 7 February 2019
- More changes at Cobourg’s Cannabis Facility – 13 March 2019 (Change in management)
Addendum 23 April 2019
FSD Pharma announced that they will acquire US based Prismic Pharmaceuticals. This transaction positions FSD to help contribute to addressing the opioid crisis through use of synthetic cannabinoids. The acquisition will be financed by a share exchange and is valued at $17.5M USD.
Prismic is developing novel non-addictive prescription drugs with unique safety profiles with the goal of addressing the opioid crisis based on formulations utilizing micro-palmitoylethanolamide’s (“PEA”) “entourage” effect on certain drugs impacting the endocannabinoid system.